Jay Clayton, who served as SEC chairman from 2017 to 2020 under the previous Trump administration, was nominated on Thursday.During his time at the SEC, Clayton brought a high-profile case against Ripple.
After Jay Clayton became chief financial officer under President Donald Trump’s previous administration, the president-elect appointed him prosecutor for the Southern District of New York.
Clayton, who was nominated Thursday, previously served as chairman of the U. S. Securities and Exchange Commission from 2017 to 2020. The Southern District of New York is handling a #cryptocurrency case that has garnered a lot of attention, including against former FTX CEO Sam Bankman-Fried. It was first reported by Reuters.
Clayton led the SEC during the 2017-18 boom in initial coin offerings, during which his agency filed enforcement actions against well-known and little-known crypto projects, particularly the Securities Regulatory Service, against kik and Telegram blocking cryptocurrency apps.
The former SEC chairman also rejected all applications to create exchange-traded funds for #cryptocurrencies , and shortly before leaving office, brought charges against #Ripple . In 2020, the SEC accused the company of raising £1.3 billion through the sale of xrp. This, according to the agency, is an unregistered security. The case will continue after a judge in New York partially won it and both sides appealed.
Clayton, a former Sullivan and Cromwell lawyer and Fed adviser, was chairman of the board when the 2017-2017 #DAO report was released. It examined the infamous Decentralized Autonomous Organization (i. e.
“DAO”) that forced Ethereum to roll back the chain to recover stolen funds. The report sets a precedent for treating cryptoassets issued during an ICO as securities.
Clayton told a group of securities lawyers in New York on Wednesday that cryptocurrency legislation is likely still pending and that he would advocate for a bailout.
"Regulatory burdens
"On day one
Read us at: Compass Investments
#GlobalCrypto
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
